Importance of SMEs and Entrepreneurship in Public and Corporate Sectors

HNBS 309
Entrepreneurial Ventures

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Define SME.................................................................................................................................1
Part 2............................................................................................................................................1
Importance of entrepreneurship in both public and corporate.....................................................4
Similarities between public and corporate entrepreneurship ......................................................4
Conclusion.......................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneur is related to the individual person who innovate the new ideas and plans to create a
new business, and bearing the risk and earn more rewards. It can be said that entrepreneur is an
innovator, who innovate the new ideas, goods and services for the businesses. Entrepreneur plays
an important role in an economy by using their skills and knowledge, they prove that without
risk, it cannot be successful or create a new business (Bhattacharya, 2019). The entrepreneur is
the highly risk taker but also earn highly profit by taking this risk. SME is the small-medium
sized business it also plays an important role for the economy growth; small and medium size
business also need enterprises in their businesses because it helps the small businesses to provide
some innovation ideas to earn more profit.
MAIN BODY
Define SME
Small and mid-size firms (SMEs) are a company which save revenues, properties or
a variety of staffs to below a certain edge. U.S. has its personal definition of what constitutes a
small and medium-sized enterprise. Certain dimension standards must be met and once in a
while the enterprise in which the company operates in is taken into account as well. Every
country have their own definition and set their own guidelines across the industries. It plays a
important role in the economy, provide job opportunities to the people, example of small to
medium enterprise are bar shop, dentist, law office, gym and so on.
Part 2
P5) Interpret relevant data and statistics to relate how micro and small business ventures
impact the economy at different levels.
SME play a important role in econpmy and impact in different levels, they contribute in
employment scale along with the input and output. SME are mainly categorised the number of
workers, different countries have different criteria of the classification. SME helps to create the
new job opportunities and give an innovating a creative idea to solve the problem and enhance
the performance in the competitive market. Now SMEs registered having a high growth rate to
compare to the global industrial sector, it is the fastest dynamic businesses in the world by
changing the online transactions. Advance technology marketing giving the advantage of the
small business entrepreneur to cut the cost on promotion and advertising their product online
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